Hello, I received a 1099-MISC as part of my consolidated 1099 from my Ameriprise brokerage account. This 1099-MISC reported income in Box 3 in the amount of $5.94, and the supporting notes say that this amount is a fee rebate that is related my account that is an actively managed advisory account within a taxable brokerage account. I found this supporting information on Ameriprise's website:
"For Accounts with alternative fee billing arrangements, the entire Investments and Infrastructure Support Credit will be considered miscellaneous income if the originating Account is a non-qualified Account. Account holders receiving aggregate miscellaneous income of $600 or more annually will receive an IRS Form 1099-MISC, Miscellaneous Income, from AEIS. Account holders receiving miscellaneous income amounts under $600 annually generally will not receive an IRS Form 1099- MISC from AEIS, but will be responsible for reporting the income to the IRS."
From what I understand, 1099-MISC income in Box 3 is typically in connection with self-employment activities. When I start filling out the 1099-MISC questions in Turbotax online, it keeps taking me down a path where it is characterizing this $5.94 income as self employment income, and forcing me to move it to a Schedule C and create a description for "a new line of work". This doesn't seem accurate but I have no idea where this $5.94 should end up, other than exactly where it was reported to me, which is just 1099-MISC, box 3.
Can you help me to figure out how to get Turbotax to accept this value without having to characterize it as some sort of self employment income, which it clearly is not? Thank you!
